MIRA INFORM REPORT

Report No. :	325424
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	DREYMOOR FERTILIZERS OVERSEAS PTE. LTD.

Registered Office :	10, Anson Road, 29-07, International Plaza, 079903

Country :	Singapore

Financials (as on) :	31.12.2013

Date of Incorporation :	29.12.2003

Com. Reg. No.:	200313284-K

Legal Form :	Private Limited

Line of Business :	Subject is engaged in the trading of fertilizers.

No. of Employees :	18 [2015]

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports. Growth in 2014 was slower at 13.9%, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

200313284-K

COMPANY NAME

DREYMOOR FERTILIZERS OVERSEAS PTE. LTD.

FORMER NAME

N/A

INCORPORATION DATE

29/12/2003

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

10, ANSON ROAD, 29-07, INTERNATIONAL PLAZA, 079903, SINGAPORE.

BUSINESS ADDRESS

10, ANSON ROAD, 29-07, INTERNATIONAL PLAZA, 079903, SINGAPORE.

TEL.NO.

65-62264131

FAX.NO.

65-62264130

INFO@DREYMOORFERT.COM

WEB SITE

WWW.DREYMOORFERT.COM

CONTACT PERSON

BHARAT MEKANI ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF FERTILIZERS

ISSUED AND PAID UP CAPITAL

5,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 5,000,000.00

SALES

USD 1,251,296,645 [2013]

NET WORTH

USD 119,000,464 [2013]

STAFF STRENGTH

18 [2015]

BANKER (S)

BNP PARIBAS (SUISSE) SA
CITIBANK BHD
ING BANK N.V.
SOCIETE GENERALE
CITIBANK N.A.
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

CLEAR

FINANCIAL CONDITION

LIMITED

PAYMENT

GOOD

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

LOW

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of fertilizers.

The immediate holding company of the Subject is FLETCHER INTERNATIONAL LTD., a company incorporated in BAHAMAS.

Share Capital History

Date	Issue & Paid Up Capital
29/04/2015	SGD 5,000,000.00

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
FLETCHER INTERNATIONAL LTD.	IDB HOUSE, EAST BAY STREET, NASSAU, BAHAMAS.	T04UF0565	5,000,000.00	100.00
			---------------	------
			5,000,000.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
201312743K	SINGAPORE	AURORA FERTILIZERS PTE. LTD.	50.00	29/04/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. BHARAT MEKANI
Address	:	1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.
IC / PP No	:	S2617111C



Nationality	:	SINGAPOREAN
Date of Appointment	:	03/05/2010

DIRECTOR 2

Name Of Subject	:	SANDEEP CHAUHAN
Address	:	B-5/28, NEAR STATE BANK OF INDIA, HISSAR ROAD, ROHTAK, HARYANA, 124001, INDIA.
IC / PP No	:	Z2374514



Nationality	:	INDIAN
Date of Appointment	:	03/05/2010

MANAGEMENT

1)	Name of Subject	:	BHARAT MEKANI
	Position	:	DIRECTOR

AUDITOR

Auditor	:	TAN KIA YEW & CO
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ANTHONY ANNE CATHARINE
	IC / PP No	:	S1347717E

	Address	:	8, LORONG 29, GEYLANG, 07-06, 388064, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	BNP PARIBAS (SUISSE) SA

2)	Name	:	CITIBANK BHD

3)	Name	:	ING BANK N.V.

4)	Name	:	SOCIETE GENERALE

5)	Name	:	CITIBANK N.A.

6)	Name	:	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200901023	11/02/2009	N/A	UNICREDIT BANK AG	EUR 1,500,000.00	Unsatisfied
C201105452	04/05/2011	N/A	BNP PARIBAS (SUISSE) SA	-	Unsatisfied
C201203916	11/04/2012	N/A	ING BANK N.V.	-	Unsatisfied
C201208929	07/08/2012	N/A	CITIBANK N.A.	-	Unsatisfied
C201208932	07/08/2012	N/A	CITIBANK N.A.	-	Unsatisfied
C201300800	16/01/2013	N/A	UNICREDIT BANK AG	-	Unsatisfied
C201300805	16/01/2013	N/A	UNICREDIT BANK AG	-	Unsatisfied
C201301296	23/01/2013	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201301298	23/01/2013	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201303869	14/03/2013	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C201303881	14/03/2013	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C201316258	05/12/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201316259	05/12/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201410912	08/10/2014	N/A	CREDIT EUROPE BANK N.V.	-	Unsatisfied

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD


SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that:

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	AS AGREED

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

FERTILIZERS

Total Number of Employees:
YEAR	2015	2014	2013	2012
GROUP	N/A	N/A	N/A	N/A
COMPANY	18	18	20	18

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of fertilizers.

The Subject's principal strength is in establishing and managing complex supply chains critical in the fertilizer trade.

Dreymoor has a presence in 14 countries through its own and associate offices. This presence in these sourcing and end-destination markets ensures strategic support to its procurement, logistics management, shipment, financing and sales operations.

To cater to the diverse logistics requirements of its broad spectrum of clients across the globe, the Subject charters and uses hundreds of ships ranging from Container vessels, River Barges, Tankers to HandySize and SupraMax bulk carriers.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62264131
Match	:	N/A

Address Provided by Client	:	10 ANSON ROAD #29-07 INTERNATIONAL PLAZA SINGAPORE 039190
Current Address	:	10, ANSON ROAD, 29-07, INTERNATIONAL PLAZA, 079903, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	4.00%	]
Return on Net Assets	:	Unfavourable	[	9.43%	]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control
Stock Ratio	:	Favourable	[	4 Days	]
Debtor Ratio	:	Favourable	[	47 Days	]
Creditors Ratio	:	Favourable	[	14 Days	]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity
Liquid Ratio	:	Favourable	[	1.54 Times	]
Current Ratio	:	Unfavourable	[	1.64 Times	]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency
Interest Cover	:	Unfavourable	[	1.95 Times	]
Gearing Ratio	:	Favourable	[	0.78 Times	]

The Subject's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.


Overall Assessment :
The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

Overall financial condition of the Subject : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013

Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0

Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97

Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)

Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5

Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4

INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-

Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5

Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-

Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-

* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING


The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2003, the Subject is a Private Limited company, focusing on trading of fertilizers. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of SGD 5,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 18 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 119,000,464, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD

TURNOVER	1,251,296,645	1,472,513,116	1,726,850,403	888,989,321	405,835,379
Other Income	4,039	-	-	4,538,761	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	1,251,300,684	1,472,513,116	1,726,850,403	893,528,082	405,835,379
Costs of Goods Sold	(1,233,112,896)	(1,453,806,877)	(1,686,562,271)	(871,232,662)	(395,711,157)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	18,187,788	18,706,239	40,288,132	22,295,420	10,124,222
	----------------	----------------	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	5,475,080	9,134,605	30,984,612	10,809,508	7,435,441
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	5,475,080	9,134,605	30,984,612	10,809,508	7,435,441
Taxation	(720,427)	(1,127,221)	(3,368,337)	(1,174,450)	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	4,754,653	8,007,384	27,616,275	9,635,058	7,435,441
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	110,307,980	106,138,456	82,035,073	72,400,015	64,964,574
	----------------	----------------	----------------	----------------	----------------
As restated	110,307,980	106,138,456	82,035,073	72,400,015	64,964,574
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	115,062,633	114,145,840	109,651,348	82,035,073	72,400,015
CAPITALISATION FOR BONUS ISSUES	-	(3,837,860)	-	-	-
DIVIDENDS - Ordinary (paid & proposed)	-	-	(3,512,892)	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	115,062,633	110,307,980	106,138,456	82,035,073	72,400,015
	=============	=============	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	-	-	2,725,981	-	-
Others	5,744,820	4,995,991	-	-	1,635,422
	----------------	----------------	----------------	----------------	----------------
	5,744,820	4,995,991	2,725,981	-	1,635,422
	=============	=============	=============	-	=============

DEPRECIATION (as per notes to P&L)	-	12,149	3,487	2,327	-
	----------------	----------------	----------------	----------------	----------------
	-	12,149	3,487	2,327	-
	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	-	-	12,149	4,655	7,022,098

Investments	26,896,897	300,000	-	-	-
Loans & advances - non-current	397,531	1,450,144	-	4,465,687	-
Others	-	-	3,434,299	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	27,294,428	1,750,144	3,434,299	4,465,687	-

	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	27,294,428	1,750,144	3,446,448	4,470,342	7,022,098

Stocks	15,216,771	22,409,223	1,700,918	3,098,035	-
Trade debtors	160,667,390	172,734,778	142,484,515	92,656,191	26,643,635
Other debtors, deposits & prepayments	7,005,046	5,046	22,403	63,978	494,707
Short term loans & advances	-	-	-	9,540,594	-
Loans & advances - current portion	-	20,000	-	150,424	-
Interest receivable	238,246	262,746	307,616	307,616	-
Amount due from holding company	-	-	-	3,512,892	212,892
Amount due from related companies	-	30,000	608,620	-	-
Cash & bank balances	24,521,320	2,632,021	8,904,054	9,036,101	18,209,653
Others	26,693,432	55,011,491	20,918,532	-	29,285,810
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	234,342,205	253,105,305	174,946,658	118,365,831	74,846,697
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	261,636,633	254,855,449	178,393,106	122,836,173	81,868,795
	=============	=============	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	46,329,725	11,402,398	28,151,856	36,676,165	4,736,060
Other creditors & accruals	31,532	292,865	30,765	23,889	38,195
Bank overdraft	68,405,275	121,446,939	38,886,876	2,826,625	3,852,394
Short term borrowings/Term loans	24,502,750	1,632,400	-	-	-
Deposits from customers	-	-	-	-	742,160
Provision for taxation	720,427	1,127,221	3,856,232	1,174,450	-
Other liabilities	2,646,460	4,707,815	1,228,950	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	142,636,169	140,609,638	72,154,679	40,701,129	9,368,809
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	91,706,036	112,495,667	102,791,979	77,664,702	65,477,888
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	119,000,464	114,245,811	106,238,427	82,135,044	72,499,986
	=============	=============	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	3,937,831	3,937,831	99,971	99,971	99,971
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	3,937,831	3,937,831	99,971	99,971	99,971

Retained profit/(loss) carried forward	115,062,633	110,307,980	106,138,456	82,035,073	72,400,015
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	115,062,633	110,307,980	106,138,456	82,035,073	72,400,015

	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	119,000,464	114,245,811	106,238,427	82,135,044	72,499,986

	----------------	----------------	----------------	----------------	----------------
	119,000,464	114,245,811	106,238,427	82,135,044	72,499,986
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	24,521,320	2,632,021	8,904,054	9,036,101	18,209,653
Net Liquid Funds	(43,883,955)	(118,814,918)	(29,982,822)	6,209,476	14,357,259
Net Liquid Assets	76,489,265	90,086,444	101,091,061	74,566,667	65,477,888
Net Current Assets/(Liabilities)	91,706,036	112,495,667	102,791,979	77,664,702	65,477,888
Net Tangible Assets	119,000,464	114,245,811	106,238,427	82,135,044	72,499,986
Net Monetary Assets	76,489,265	90,086,444	101,091,061	74,566,667	65,477,888
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	11,219,900	14,130,596	33,710,593	10,809,508	9,070,863
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	11,219,900	14,142,745	33,714,080	10,811,835	9,070,863
BALANCE SHEET ITEMS
Total Borrowings	92,908,025	123,079,339	38,886,876	2,826,625	3,852,394
Total Liabilities	142,636,169	140,609,638	72,154,679	40,701,129	9,368,809
Total Assets	261,636,633	254,855,449	178,393,106	122,836,173	81,868,795
Net Assets	119,000,464	114,245,811	106,238,427	82,135,044	72,499,986
Net Assets Backing	119,000,464	114,245,811	106,238,427	82,135,044	72,499,986
Shareholders' Funds	119,000,464	114,245,811	106,238,427	82,135,044	72,499,986
Total Share Capital	3,937,831	3,937,831	99,971	99,971	99,971
Total Reserves	115,062,633	110,307,980	106,138,456	82,035,073	72,400,015
LIQUIDITY (Times)
Cash Ratio	0.17	0.02	0.12	0.22	1.94
Liquid Ratio	1.54	1.64	2.40	2.83	7.99
Current Ratio	1.64	1.80	2.42	2.91	7.99
WORKING CAPITAL CONTROL (Days)
Stock Ratio	4	6	0	1	0
Debtors Ratio	47	43	30	38	24
Creditors Ratio	14	3	6	15	4
SOLVENCY RATIOS (Times)
Gearing Ratio	0.78	1.08	0.37	0.03	0.05
Liabilities Ratio	1.20	1.23	0.68	0.50	0.13
Times Interest Earned Ratio	1.95	2.83	12.37	0.00	5.55
Assets Backing Ratio	30.22	29.01	1,062.69	821.59	725.21
PERFORMANCE RATIO (%)
Operating Profit Margin	0.44	0.62	1.79	1.22	1.83
Net Profit Margin	0.38	0.54	1.60	1.08	1.83
Return On Net Assets	9.43	12.37	31.73	13.16	12.51
Return On Capital Employed	5.99	6.00	23.23	12.72	11.88
Return On Shareholders' Funds/Equity	4.00	7.01	25.99	11.73	10.26
Dividend Pay Out Ratio (Times)	0.00	0.00	0.13	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.61
UK Pound	1	Rs.97.27
Euro	1	Rs.69.63

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ASH

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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